How is Fintech changing the commerce industry?
Fintech is constantly rewriting the rules on how companies operate, how businesses borrow money, and how customers pay for goods. It’s exciting to see how it’s changing the way we conduct transactions across the market, and it’s going from strength to strength. Since 2017, Fintech has been the leading sector for investment, with UK financial technology firms attracting a record £1.34 billion in venture capital funding in 2017 alone.
With the
Flexibility and Accessibility
One of the key benefits of
Falling behind means losing business, and
Innovation in Auditing
The rise of
The biggest challenge an auditor faces is having the relevant data on hand to carry out their daily responsibilities; now that businesses are operating essentially in ‘real time’, a blockchain ledger containing essential data for any business can be monitored and maintained by the internal audit team, and then verified by an external team. For anybody working in accounting, adopting blockchain is an excellent way to
AI and Conversational Commerce
From deep learning to analytics, AI is playing a vital role in influencing the market. Indeed,
Using smart software helps companies in commerce to automate day to day tasks like data analysis, freeing up time normally spent on time-consuming or mundane parts of their job to do more valuable, high-level work. In fact, AI can do everything from draft contracts to
The benefits go further. For accounting teams, using automation and RegTech can even help them detect fraud, as the system can process,
An interconnected market
With all of this innovation taking place, we’re expecting to see more collaboration between big business - especially in commerce - and smaller start-ups, as both sides seek to leverage the other's expertise and gain more visibility in the market. Companies like Mastercard are partnering with and nurturing start-ups in order to encourage innovation within the market; still others, like Visa, are partnering with start-ups like Paidy, which offers post-payment credit services for eCommerce customers in Japan. As the
Looking to the future with Marks Sattin
At Marks Sattin, we’re excited to see what the future will bring for the commerce industry, especially as
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